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A U.S. judge on Monday authorized a court officer overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to receive and negotiate improved bids this week before confirming or changing the winner recommendation he made last month, Reuters reported. A final winner recommendation in the complex court-organized auction is expected to be submitted by the end of this month, Judge Leonard Stark said in a hearing.
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In July, there were 116 company insolvencies registered in Scotland, slightly lower than the number during the same month last year, Business Insider reported. The total number of company insolvencies was comprised of 68 company voluntary liquidations, 43 compulsory liquidations, four administrations and one company voluntary arrangement. There were no receivership appointments. The latest figures from Accountant in Bankruptcy, Scotland’s insolvency service, also showed that between 26 June 2020 and 31 July 2025, there were three restructuring plans and one moratorium.
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Reliance Communications (RCom) has accused Swedish telecom giant Ericsson of misusing India’s Insolvency and Bankruptcy Code (IBC) as a coercive tool for debt recovery, ElectronicsforYou.biz reported. The allegation was made before the National Company Law Tribunal (NCLT) in Mumbai, where RCom is seeking a refund of ₹550 crore paid to Ericsson under a 2018 settlement. Senior counsel Gaurav Joshi, appearing for RCom, argued that the IBC was being misapplied by Ericsson as a substitute for debt enforcement.
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An administrator's report on a collapsed English law firm shows that its problems were exacerbated by issues resulting from cyber-attacks. Glaisyers LLP was established in Birmingham more than 150 years ago, but had been insolvent for some time before entering administration earlier this month, according to the Law Society Gazette of England and Wales. Before administration, the firm operated a property department that was subject to a cyber-attack. This increased claims on the firm’s professional-indemnity insurance policy, causing premiums to jump.
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European exports to the U.S. continue to slow sharply, underscoring the drag the continent’s trade faces from President Trump’s trade tariffs, the Wall Street Journal reported. Exports to the U.S. from the 27 nations that make up the European Union dropped 10% on year in June to hit their lowest level since the end of 2023, at a little over 40 billion euros ($46.8 billion,) according to figures released Monday by statistics agency Eurostat. The bloc’s overall trade surplus shrank to just 1.8 billion euros, down from 12.7 billion euros a month earlier.
Switzerland is seeing a more than fivefold surge in mergers and acquisitions that’s outpaced most of its European peers, giving bankers hopes for a lucrative payout this year, Bloomberg News reported. The volume of takeovers targeting Swiss companies has jumped 465% to $16.7 billion so far this year, according to data compiled by Bloomberg. Private equity firms are particularly active, with Advent announcing late Sunday it has agreed to acquire Zurich-listed chipmaker U-blox Holding AG in a deal valued at 1.05 billion Swiss francs ($1.3 billion).
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China is expected to keep benchmark lending rates unchanged for the third straight month in August this week, a Reuters survey showed, despite a string of recent economic data suggesting the economy might lose some momentum. Rather than resorting to broad-based monetary easing, the central bank may instead place greater emphasis on structural policies aimed at specific sectors to support the economy, market watchers said. Meanwhile, Beijing's ongoing "anti-involution" campaign to get rid of industrial overcapacity could also help combat persistent deflationary pressure.
Brazil's central bank is still assessing whether the benchmark interest rate at 15% is appropriate to bring inflation down to its 3% target, economic policy director Diogo Guillen said on Monday, Reuters reported. Policymakers kept rates unchanged in late July at a near 20-year high after 450 basis points in hikes since last September. They signaled borrowing costs would remain steady for a "very prolonged" period. Guillen stressed that the guidance signaled more rate holds. "We are still evaluating whether this is the appropriate rate to bring inflation to target," he said.
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After months of financial turmoil, AC Ajaccio have filed for bankruptcy, losing their professional status for the first time in 27 years, YahooSports.com reported. According to Corse-Matin, the Corsican club submitted their declaration of insolvency on Monday at the Ajaccio commercial court. The decision comes after the board failed to attract investors or cover an estimated €13m deficit. The move will result in the loss of around 180 jobs and the closure of the club’s training centre, which was named the best in Ligue 2 as recently as May. Ajaccio’s immediate future remains unclear.
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Peru hopes to increase agricultural investment with a significant reduction in income tax for large export companies, the sector's minister told Reuters on Monday. The Peruvian Congress last week passed a law that reduces income tax to 15% from the current 29.5% for large agricultural exporters over the next 10 years. Medium-sized businesses would pay 1.5% income tax, while small businesses would be exempt from the tax. Peru expects agricultural sales to surpass mining, considered the country's economic engine, by 2050. Peru is the world's third-largest copper producer.
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